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Focusing on the S&P 500

As the week progresses, we’ll be focusing on a critical “Bull Above/Bear Beneath” Pivot Level for the S&P 500 (NYSEARCA:SPY).

 

By Corey Rosenbloom

Can you believe today begins the final month of 2015?

Let’s see it and plan accordingly:

If you just want a key reference point, use 2,100 which is a “Round Number” Pivot Level.

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However, if you want to get more specific, look to the 2,093 level (highlighted) for a better reference.

This morning we saw price rally above this level, only to fall rapidly back beneath it.

I extended the horizontal lines to connect other key support and resistance levels.

These are new Price Targets on a departure (movement) away from the 2,100 Bull/Bear Pivot.

As you conduct your stocks scans and do additional analysis, focus on 2,093 and tilt yourself bullishly if price is above 2,095 (and above 2,100) or bearishly if – as we are now – beneath.